UPDATE 11:15: President Obama says he spoke with Speaker Boehner, and that he said he'd be happy to talk about anything he wanted to talk about. But he doesn't think that Boehner should be holding a shutdown over the American people's heads. "Thats not how negotiations work."
UPDATE 11:16: He says Congress has two very basic jobs: "Passing a budget," and "paying bills." Obama continues that Republicans don't get to have their way just because they lost an election. "Let's lift these threats from our families and our businesses, and let's get down to work."
UPDATE 11:18: President Obama reiterates that Senate Democrats offered to sit down with House Republicans and "hash out a budget." He says they were rejected "19 times." This is pretty standard stuff: President Obama is again pointing out that Republicans are the ones who aren't negotiating. "Let's stop the excuses, let's take a vote in the House," Obama says. "That vote could take place today. Shutdown would be over. Then serious negotiations could proceed around every item in the budget." Then he's on to the debt ceiling. "As reckless as the shutdown is," the debt ceiling "could be even worse," Obama says.
UPDATE 11:22: President Obama explains what the debt ceiling is, again. He must be getting tired of this. He explains that the last time the Republicans "flirted" with defaulting, it damaged the economy, and that this time, it could lead to economic chaos. "There's nothing fiscally responsible" about Republicans playing with the debt ceiling, Obama says. "This is our word. This is our name. This is real."
UPDATE 11:25: President Obama talks about his positive record: The debt is lowering faster than we've seen in decades, we're producing more oil than importing it, manufacturing is on the rise. He says we can't keep experiencing these "manufactured crises" every couple months and expect things to be getting better.
UPDATE 11:28: He says he's willing to "spring for dinner again" and talk with Republicans, but he can't do that as long as the most "extreme" Republicans are "forcing John Boehner" into holding the government hostage. "I had to miss critical summits in Asia" because of the shutdown, Obama says, and that hurts our image abroad. "It looks like we don't have our act together." Then he opens the floor to questions.
UPDATE 11:30: The AP basically asks President Obama to repeat the speech he just gave. Obama happily obliges.
UPDATE 11:33: Next question: If the debt ceiling fight and the shutdown merged, would President Obama prioritize our debts over, say, Social Security benefits? Obama says he hopes it doesn't come to that. He then reiterates how bad it would be if that happened. If you chose to pay your mortgage and not pay your student loan, Obama explains, your credit rating would still take a hit.
UPDATE 11:42: The Q&A is just basically going around in circles. "My message to the world would be, the United States always pays its bills," President Obama says, and he believes we will continue to do so."
UPDATE 11:45: Here's a question about whether President Obama has considered using his emergency powers in case of a default. "We have used our emergency powers," Obama says, over the last few months, but at some point, the "emergency powers run out." Obama says he doesn't want to put himself in a position where he bumps into legal troubles—"the president can roll out a big coin," he says, making fun of one plan and indirectly mocking Goldy's trillion dollar coin post—and throw the US's debt payments into doubt. An extended battle over the legality of such a move could even make a default situation worse, President Obama explains.
UPDATE 11:51: President Obama says that Citizen's United is partly to blame for this. He says some Republicans are worried about running up against primary challengers with big bankrolls.
UPDATE 11:57: "To the American people, I apologize," President Obama says, that you have to "go through this what seems like every three months. God knows I'm tired of it."
UPDATE 12:09: Long press conference or longest press conference? "I'm happy to sit down with them for as many hours as they want" if they want to talk about the Affordable Care Act, President Obama says.
UPDATE 12:21: And it's finally over. I guess President Obama just wanted to make sure that he looked available, but most of what he said was a reiteration of his speech. This was not transcendent politics; this was a grinding-it-out kind of speech that ensured that Democrats will stay on message. It wasn't pretty to sit through, but it was necessary.